Treasury Proposes Modifications to IRS Practice Regulations (1)

The Treasury Department proposed regulations to update rules for tax professionals practicing before the IRS.

The regulations (RIN 1545-BQ12, REG-116610-20) were proposed Friday. If finalized, the rules would update Circular 230, which contains regulations for those practicing in front of the IRS, including attorneys, certified public accountants, enrolled agents and others.

The regulations would eliminate provisions related to registered tax return preparers, classify the use of certain contingent fee arrangements by practitioners as disreputable conduct, establish new standards for appraisals and the disqualification of appraisers, and update certain provisions as appropriate, Treasury said.

• The proposed rules also require ...